Judah attorneys denied money, Judah FBT stock to be sold - KCBD NewsChannel 11 Lubbock

11/8/09

Judah attorneys denied money, Judah FBT stock to be sold

By James Clark | email

LUBBOCK, TX (KCBD) -Benny Judah's defense attorneys will not get $60,000 from Judah's seized assets.   A federal court confiscated Judah's assets earlier this year amid allegations that Judah made false statements to about 240 investors, mostly from Lubbock. 

On October 8th Judah's attorneys argued that paying them would actually be cheaper for the government because of their cooperation, and Judah's cooperation in the case (meaning their cooperation saved a lot work for government regulators and prosecutors).

However, last week a federal judge said no.  Meanwhile, the receivership trustee who now has control of Judah's assets wants permission to sell more bank stock.  Earlier this year the receiver asked permission to sell Judah's stock in Plains Capital Bank.  Now the receiver wants to also sell Judah's stock in First Bank & Trust (First Bank Lubbock Bancshares).

The receiver has an offer from First Bank and Trust to buy back 72,877 shares of its own stock for $2,468,920.00 or $33.87 per share.   Anyone wishing to make a counter officer has until November 23rd.

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